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Articles published 10/2021


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Anil Arora leaves Envestnet at a high valuation, $4.55 billion.

Anil Arora resigns from Envestnet board the same day as his new company gets backing at an eye-popping valuation

The ex-CEO of Yodlee left his executive role at the Chicago outsourcer a while back but TIFIN is on an upswing

October 29, 2021 – 11:57 PM

Mark McCombe: [We're] using our aggregation power to face off against the insurance company.

BlackRock's no longer secretive strategy to gain ground on Vanguard and Fidelity in $10.3 trillion DC market will now be tested on 120,000 employees at five US companies where it might work -- or not

BlackRock has about $1 trillion of defined contribution assets while Fidelity and Vanguard both administer multiple trillions, so the New York giant is dangling defined benefits as a way to win the defined contributions game.

October 29, 2021 – 11:54 PM

Rob Sharps: We have a vision to be the premier active investment manager in the world.

T. Rowe Price becomes major hedge fund player in a heartbeat with $4.2-billion Oak Hill purchase -- plus a $500-million co-investment -- with RIAs named as prime prospective clients

The old line Baltimore firm adds a quick $53 billion of managed capital that garners fees of 1.5% and that's before taking a cut of the gains.

October 29, 2021 – 2:10 AM

Walt Bettinger: If and when there is greater regulatory clarity for firms under our regulatory regime we would look forward to being able to offer direct trading.

Why the SEC's green light for Bitcoin ETFs failed to convince Charles Schwab & Co. to make crypto trading available to its 32.5 million retail accounts

The $7.6 trillion in administered assets giant sees mixed signals from regulators who are drawing lines as it goes along -- treacherous regulatory conditions for a big company not built to shift course at a whim.

October 28, 2021 – 1:21 AM

Gary Gensler: There’s a reason why the ’33 Act was called the Truth in Securities Law.

RIAs may face ticking time bomb after SEC slams a $1.9-billion RIA for neglecting 'orphan' accounts while charging fees, a problem that may be industrywide

Thousands of clients may be getting lost in the shuffle in the face of strong inorganic RIA growth -- an obscure problem until federal regulators gave Regal Investment Advisors the royal treatment, in part, for charging full fees and failing to disclose reduced service.

October 26, 2021 – 7:39 PM

John French is named U.S. chairman of the board for Bonhill Group and he is known for making hard-choice changes.

InvestmentNews brings in 'turn-around specialist,' and a 'chief revenue officer,' following pandemic battering; then top editor and two reporters jump ship

InvestmentNews is adding people on the business side and losing veterans on the editorial side after suffering staggering COVID hit to live events, and its publisher calls modus operandi changes 'permanent.'

October 26, 2021 – 2:27 AM

Eric Poirier: We admire what they've built.

After being 'blown away' by AdvisorPeak's engineering prowess, Addepar is buying the company to arm its clients with automated rebalancing software

The 12-year old Mountain View, Calif., performance reporter, with $3 trillion plus of adminstered assets, is buying the 18-person, third-year startup to apply to its 600 clients.

October 22, 2021 – 3:03 PM

Michael Kitces: I think the team is still trying to figure out availability and scheduling logistics.

Rival RIA custody chiefs Bernie Clark and David Canter, who oversee a combined $4.5 trillion, may lock arms to debate Michael Kitces on custody fee transparency -- for a very good reason

The head of Schwab Advisors Services and the head of the RIA unit of Fidelity Institutional are caught in an existential debate to preserve their right to play favorites based on economics, observers say.

October 20, 2021 – 10:48 PM

Matt Middleton: We took this as a multi-year journey. We wanted not to be beholden. We're not going to get steamrollered.

Future Proof bursts onto the RIA event scene by taking over four big hotels and a half-mile of beachfront without the taint of 'pay-to-play' speaker slots

With Matt Middleton and other ex-Informa guys as masterminds and Josh Brown and Barry Ritholtz providing muscle, the confab's aspiration is to be the Envestnet of RIA events.

October 20, 2021 – 2:24 PM

Steve Sanders: We certainly don’t know of another broker who provides this service.

Small RIA custodian launches dream crypto trading and custody-- cheap, broad and on one screen-- but will supply drive profitable demand?

Interactive Brokers lets RIAs -- even Schwab and Fidelity RIAs skimming the service -- do one screen for conventional securities and Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

October 19, 2021 – 5:55 PM

Michelle Seitz: The resulting one-stop access to extensive private and public markets capabilities is, I believe, unmatched in our industry today.”

With Hamilton Lane's $90 million stake and Vestmark deal in her back pocket, Russell CEO is ready to plunge the old-line, upper-crust firm into the RIA middle-market

Michelle Seitz opened the playbook to allow RIAs more autonomy, and the firm will use wholesalers based less on channel and more on geography.

October 19, 2021 – 2:29 AM

Walt Bettinger: Investors [opened] over a million new brokerage accounts for the fourth consecutive quarter.

Charles Schwab Corp. stock finally blasts past $80 starring the RIA custody unit's record $81 billion in net new assets

The Westlake, Texas broker-dealer's market cap surpassed $152 billion today after disclosing year-to-date assets have grown by close to $1 trillion

October 15, 2021 – 10:42 PM

Lori Hardwick: I prefer to be on boards where I am passionate about the company's mission.

After 401(k) account growth catapults ahead of curve, Vestwell CEO scrambles to make big hires and abdicates chairmanship to freed-up Lori Hardwick

Eying projected 300% plan sponsor growth, Aaron Schumm has promoted one executive, added another and reshuffled Vestwell's board, putting Hardwick on top.

October 14, 2021 – 8:58 PM

Aron Szapiro: Undoing this rule is key to mainstreaming ESG.

Big effect of DOL's proposed undoing of Trump-era 401(k) ESG investing chill is to permit ESGs TDFs as default option where BlackRock and Natixis have products

The Labor Dept. stops short of giving fiduciaries environmental, social and governance factor carte blanche but recognizes non-pecuniary factors are legit considerations.

October 14, 2021 – 1:08 AM

David Welling says he manages women to a point then 'gets out of the way.'

Fresh off buying No. 9 and No. 10 women-led firms, Dave Welling now has Mercer's AUM up 220% in four years in part by addressing a women 'problem'

Both Genstar and Mercer female staff are singing the CEO's praises after he took a sleepy $10 billion AUM firm to $32-billion AUM, where 40% of client-facing staff and 33% of leaders are women.

October 13, 2021 – 1:10 AM

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